NEW DELHI: Malls developer Phoenix Mills shares closed with gains of 7.01 per cent on Wednesday to their highest level since January 18 after brokerage firm Macquarie maintained its rating as "outperform", with a price target of Rs 380.

"Rent renewals across various malls are likely to yield higher rents," the brokerage said.

The Rajya Sabha may pass the Real Estate Bill later in the day. The bill seeks to set up Real Estate Regulatory Authority in states, union territories to oversee real estate transactions.

It will help regulate the sector and bring in clarity in terms of who governs/monitors realty projects, said traders.

Sponsored Stories

Subscribe to our Newsletters

Morning Daily

Lighting Weekly

The draft allows district-level authorities, headed by the district magistrate, to seek exemption from public hearing while granting green clearance for sand mining in areas up to five hectares of land.

The court said it is the obligation of the government to protect its citizens who belong to middle class family and invested their hard earned money in buying flats but got cheated by builders and facing uncertainty.